Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Buys 20,900 Shares of Stock

Key Points

• Sunrise Realty Trust Chairman Leonard M. Tannenbaum purchased 20,900 shares of stock for a total value of $212,553, increasing his ownership to 2,845,934 shares.
• The company recently announced a quarterly dividend of $0.30 per share, which reflects an annualized yield of 11.1% despite a payout ratio of 115.38%.
• Several brokerages have maintained a positive outlook on SUNS, with an average target price of $13.19, and ratings ranging from hold to strong buy.

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) Chairman Leonard M. Tannenbaum acquired 20,900 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average price of $10.17 per share, with a total value of $212,553.00. Following the completion of the acquisition, the chairman owned 2,845,934 shares in the company, valued at $28,943,148.78. The trade was a 0.74% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Sunrise Realty Trust Stock Performance

Shares of SUNS traded up $0.10 during mid-day trading on Monday, hitting $10.67. 23,762 shares of the company traded hands, compared to its average volume of 113,574. The stock has a market cap of $143.19 million and a price-to-earnings ratio of 10.26. The stock has a 50-day moving average price of $10.68 and a two-hundred day moving average price of $10.72. Sunrise Realty Trust, Inc. has a 1 year low of $7.80 and a 1 year high of $15.74.

Sunrise Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.2%. The ex-dividend date was Monday, June 30th. Sunrise Realty Trust's dividend payout ratio (DPR) is 115.38%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reduced their target price on Sunrise Realty Trust from $11.50 to $11.25 and set an "outperform" rating for the company in a report on Wednesday, August 13th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $13.19.

Hedge Funds Weigh In On Sunrise Realty Trust

A number of institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in Sunrise Realty Trust during the first quarter valued at $25,000. Nisa Investment Advisors LLC grew its stake in shares of Sunrise Realty Trust by 61.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,014 shares of the company's stock valued at $33,000 after purchasing an additional 1,149 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Sunrise Realty Trust by 353.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company's stock valued at $41,000 after purchasing an additional 2,279 shares during the last quarter. Corebridge Financial Inc. increased its position in shares of Sunrise Realty Trust by 82.4% during the 1st quarter. Corebridge Financial Inc. now owns 5,117 shares of the company's stock valued at $57,000 after purchasing an additional 2,312 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Sunrise Realty Trust by 90.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,077 shares of the company's stock worth $67,000 after purchasing an additional 2,880 shares during the period.

Sunrise Realty Trust Company Profile

Sunrise Realty Trust, Inc engages in commercial real estate (CRE) lending business. It focuses on originating CRE debt investments and providing capital to borrowers and sponsors with transitional business plans collateralized by CRE assets. The company intends to create a diversified investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, whole loans, B-notes, CMBS, and debt-like preferred equity securities across CRE asset classes.